Andre Yoskowitz
20 Oct 2011 2:41
Despite shaky earnings, Groupon is looking to sell shares in an IPO that would value the company at around $12 billion.
While likely still grossly overvalued, the value is a lot smaller than the $25 billion the company was expected to be valued at earlier this year when it first made mention of going public.
The expectations have fallen in recent months alongside a falling stock market and Groupon's revision to its reported revenue, twice cutting it down.
Groupon itself would likely sell shares worth about $500 million to the company.
The daily deal giant has 115 million subscribers in 220 markets. The company also has 9,600 employees. Through the first half of the year, the company had revenue of $688.1 million but remains far from profitable.